Breaking News
Nov 9, 2023
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MGM Resorts advanced 3% to $39.85 after the hotel and casino operator reported better-than-expected quarterly results and the company announced its stock repurchase plan.
Revenue in the quarter increased to $3.97 billion from $3.4 billion, primarily because of a rebound in MGM China operations after the ending of COVID-related travel restrictions.
The company swung to net income of $211.8 million from $1.06 billion, and diluted earnings per share rose to 46 cents from a loss of $1.45 a year ago.
Las Vegas strip revenue, adjusted for the sale of The Mirage, decreased to $2.1 billion from $2.2 billion a year ago.
MGM China revenue soared to $813 million from $87 million, an increase of 829% from a year ago and 10% compared to the third quarter in 2019.
During the quarter, the company repurchased 13 million shares of its common stock for $572 million, and about $806 million are still available in the current stock repurchase plan.
The company's board also approved a new stock repurchase program of $2 billion, in addition to the existing February 2023 stock buyback plan.
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